Friday, 22.08.14 (208 views)

Ways to complain a bad financial service

Before entering an agreement with the service provider you should do a satisfactory research work on the service provider. Delve into a detailed inquiries about the company which is catering you the service. Check the customer’s feedback about the company. Understand the papers and the nature of the agreement before signing it. Clarify all the points and mainly the financial part, such as the payment mode, extra charges, service charges and focus on the internal in house complaint policy of the organization. Collect a detailed description of the process of lodging a complaint. Know the clear path, if you want to escalate your problem to the higher authorities. Get the contact details of the ombudsman and contact the ombudsman at the time of need. In this article get a clear idea on the process of positioning your problem in front of the key authority.

Talk it out-

Communication and discussion is the key to resolve any problem. Before laying an official complaint, discuss the entire issue with the service provider. Keep a note of all the communication between you and the service provider. In many of the cases you might not get a favorable reply or response from the service provider, but don’t get bogged down by the harsh reply of the service provider. Stick to your complaint and pursue them till you fetch a favorable solution from the seller’s closet. Know all the rules properly and always act like a smart customer as your mindfulness is the greatest key to solve your problems and it will pave your path during this period of anarchy.

Know your rights -

Know the right point of contact when you want to lodge a complaint. This will not only help you to get the right solution, it will also help you get the apt solution within the shortest period. For example, if you have a problem related to your credit card purchase at a retailer outlet and the amount of the payment made via your credit card hangs between 100 pounds to 30,000 pounds, then the Section 75 of the Consumer Credit Act gives you the full power to get a proper compensation. Under such scenario, the credit card company should cater your problem and not the retailer where you have used it and made a purchase. If you are perturbed with the problem attached to your current account, savings account, loans or overdrafts or isas and disturbed with fraudulent activity which was detected on your credit or debit card, then as a consumer you have all the right to lay a complaint under the Lending Code. This specific code will cushion you from all of these above mentioned problems and it will help you to get a suitable solution for the same. These codes are conceived by the Banking Code Standard Board are extremely useful and helps the consumers in protecting their rights and emboldens the good financial habits of the consumers. You must remember your rights and the necessary rules and codes, acts and clause while corresponding with the service provider.

Make it official-

If you completely dissatisfied with the response to your complaint from the service provider, then it is time to escalate your grievance to the higher authorities. Document your complaint via an official mail which will also equip you with a proper a proper evidence of your problem. Encrypt a proper letter which should depict all possible aspects of the problem and give a detailed description about the persons you have spoken to till date, the offices you have visited in search of a probable solution of the problem. Also suggest a precise and amicable solution of the problem and wait for another eight weeks to get a suitable response from the financial service provider.

The agony aunt-

If you still stand on the shore of uncertainty with your grievance, then it is time to knock the door of the Financial Ombudsman (FOS). Escalate the complaint to the FOS if after the stipulated time period of eight weeks you receive a disappointing reply from the service provider’s table.

Know your Ombudsman-

Take a note of the contact details of the Ombudsman. Know the functions of the Ombudsman and know the process of escalating your grievance to the Ombudsman. As this is the last possible resort, if you want to solve your problem, out of the court.

Legally Solved-

If all possible options fail, then take your complaint to the Small Claims Court. The Small Claims Court will hear your plea and the court will fetch a compensation for you if it ranges within 5000 pounds and if you are a resident of England or Wales. The scene is different for the residents of Scotland. They can only claim compensation within 3000 pounds in the court. Before landing in front of the judge, be sure, that you have exhausted all the possible options. Abide by the stringent Pre-Action Protocol before landing you grievance in the court.
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